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New York Mortgage Loans

After helping thousands of locals, our New York lenders have developed a strong reputation for competitive mortgage pricing and trusted lending services. Now that New York mortgage rates have hit rock bottom, it is important that residents living in the "big apple" lock into a more affordable loan payment featuring a fixed interest rate. New York mortgage lenders are standing by to offer a wide variety of loan programs to meet your financing needs locally. If you are tired of dealing with loan brokers that do not understand the New York housing market, then you will enjoy the lending process at Nationwide.

Are You Looking to Get Approved for the Lowest New York Mortgage Rates Ever Recorded?

Our New York lenders recently announced great interest rates for most programs that are available to qualified NY borrowers. Interest rates fell again, so first time home buyers have a good chance to buy a home at the lowest rate of all-time. If you are buying a home, talk with a New York lender who can help you get a pre-approval letter quickly and that may help your offer get accepted. Talk with our New York mortgage lenders today and discover how much lower your loan payment could be monthly when refinancing with us.

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Get quotes with risk and no obligation. There is no charge for our online services that includes rate shopping and loan comparisons. Ask about our HARP, VA and FHA mortgage options for applicants seeking a New York mortgage.

With interest rates close to all-time lows, many renters are focused on becoming homeowners in the "Big Apple." Buying a home in New York with a first time home buyers' loan makes a lot of sense because in many cases the monthly payments are lower when comparing buying versus renting. FHA still approves New York loan amounts up to $625,500 in high cost regions across the state.

A home refinance could save you hundreds of dollars a month. If you owe more than your home is worth, consider the Home Affordable Refinance that we can help you with. Ask about the HARP Refinance.

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New York FHA Mortgage

If the government and banks are serious about escaping the housing crisis there are a few steps that could be taken to expedite the recovery. The New York Times published an interesting article that proposed a "Massive Mortgage Refinance Plan" countrywide.

According to the Times, More than 50% of homeowners in the U.S. that have a home loan rate are that would make them excellent candidates for home refinancing. Many of these people have steady employment and satisfactory credit scores and even a modest amount of home equity have already done so, taking out 30-year mortgages at rates below 4%, some of the lowest rates since the 1950s. But many others cannot refinance because they are underwater.

Read the entire NY Times Article.



FHA Extends High Loan Limits for New York First Time Home Buyers

For those looking to purchase a new home in New York, it is best to be mindful of the home loan limits that the FHA places on their loans across the state. These limits are prices that a home cannot exceed when looking to finance with a FHA home loan, and they will vary along with the average income levels found within various regions of New York. The FHA will base these limits off of different median housing prices around various counties across New York State, and due to this method of basing limits, home buyers are often able to find very suitable new homes within the given loan limit of region in New York.

Obtaining a government insured loan to finance a New York house is a beneficial decision for a variety of reasons, and many prospective home buyers across the state recognize the value in FHA financing. However, if a person is looking to finance their new home purchase using one of these loans, they must first research the given mortgage limit in the region they are looking to buy in. Nationwide can help educate you on maximum loan amounts for New York mortgages that are insured by the Federal Housing Administration.

In the higher income regions of New York, such as New York County, Nassau County, Kings County, Queens County, or Richmond County loan limits are expected to be around $578,000 for the year 2014. This means that a home being purchased in one of the following counties may not exceed $578,000 in price in order to be covered by a FHA loan. However, because these limits are based on average home prices, finding a home that meets these limits is a very attainable goal.

For the lower income regions of the state like Oneida County, Schuyler County, or St. Lawrence County, the loan limits given to these areas by the FHA for home loans will be under the $100,000 mark. Because these regions tend to be lower income regions, it is not difficult to find suitable residences that meet these limits.

While high end and low end loan limits are present across New York, middle of the road loan limits are available in middle income areas as well, and any prospective home buyer in the state of New York, no matter their level of income or desired region, should be able to find a great home that meets the FHA limits of a desired New York area.

New York Home Loans

Nationwide Mortgage Loan Terms:

  1. New York Mortgage Product for 1st Liens are available with a 2/28 or 3/27 LIBOR ARM, a 15/15 and 30/30 fixed term, and a 30/15-balloon term. The 2/28, 3/27 and 30/30 terms are available with an Interest Only option with some restrictions.
  2. The Second Mortgage Loans are available with a 15,20, 25 and 30-Year fixed term and a 30/15-balloon term.
  3. Pricing is subject to change daily. Please refer to loan officer for updated interest rates by state.
  4. 30 Year Amortization: 1st lien programs are available with a 2/28 or 3/27 LIBOR
  5. Interest only is available on the 2/28, 3/27 and 30/30 1st mortgages only

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This is not an advertisement for credit. See Privacy for Details. Nothing on this web site contains an offer promise either to make home financing or that any participating lender will guarantee any home loan for any purpose or on any specific terms. Loans cannot be made online or be approved without an underwriter analyzing your credit score, debt to income ratio and combined loan to value.

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